Is Venmo Cryptocurrency? (All You Need to Know)

Cryptocurrency has been one of the hot topics in world news for business and finance in the past several years. Buying and selling crypto has become increasingly convenient as this form of investment gains popularity. 

Therefore, there’s a good chance you have heard Venmo talked about in relation to cryptocurrency, but for what reason? Is Venmo a form of cryptocurrency? This article will tell you all you need to know, so keep reading!

Is Venmo Cryptocurrency in 2024?

Venmo is not a form of cryptocurrency in 2024. However, the app has a convenient feature for buying, holding, and selling crypto. The types of crypto you can buy on Venmo are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Next to each type of crypto, you will find the current market price along with the growth or decline percentage.

Buying and selling cryptocurrency is a new and convenient way to invest in crypto and is great for beginners, so keep reading for more helpful information about this service!

Is Venmo a Form of Crypto?

Venmo itself is not a form of crypto. 

Rather, Venmo is a money transfer app designed to help you send money to friends and family, make purchases to authorized businesses, and purchase cryptocurrency. 

Venmo provides a platform for you to buy and store cryptocurrency, such as Bitcoin, but the app itself is just a platform used to make these transactions.

Is Venmo Crypto a Wallet?

Venmo allows you to buy, sell and hold cryptocurrency in your account. However, it doesn’t have any features that let you use your crypto as a means to pay for things.

In addition, you can’t make peer-to-peer crypto trades on Venmo like you would with normal money. 

Is Venmo Good to Buy Crypto?

According to a professor at the NYU Stern School of Business, the four types of cryptocurrency that you can buy and sell on Venmo are among the safest. They are expensive to try to hack. 

In addition, the platform Venmo uses to make these transactions possible, called Paxos, is highly regulated. Therefore, buying crypto on Venmo is good when it comes to safety. 

Will Venmo Send Me a 1099 for Crypto?

Venmo sends tax forms such as 1099 documents to users who made a certain amount of money during the tax year. 

Venmo users that buy and sell cryptocurrency are also regulated for taxes. 

Those who use Venmo for selling cryptocurrency won’t receive a 1099 specifically for that purpose, but they will get a Gains and Losses statement for the year. 

You can access your Venmo tax forms online. 

However, if you are expecting a 1099 from Venmo, keep in mind that you will only be sent one if you made $600 or more from selling goods or services during the year. 

As well, Venmo will report your earnings to the IRS. 

Can You Convert Venmo to Bitcoin?

Venmo is an app that can be used to buy and sell Bitcoin. It’s not a form of currency in itself, and can’t be used for making payments with your cryptocurrency. 

Therefore, you can’t convert Venmo into Bitcoin, as they’re two completely different entities and have entirely different uses. 

So, if you want to buy or sell Bitcoin on Venmo, open the app and go to the Crypto tab to get started. 

Where Is the Crypto Tab on Venmo?

In the Venmo mobile app, you should open your main profile page. At the bottom of the screen, you will see the Home, Cards, Crypto, and your profile tabs. 

Also, the Crypto page will show you the four types of cryptocurrency you can buy on Venmo, which are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. 

It will show you the price and current growth or decline of each type. 

As well, you will find explanatory videos that are designed to help you get started with cryptocurrency. Also, there are some helpful articles on the page. 

To know more, you can also read our posts on how to delete Venmo history, what gas stations accept Venmo, and whether Venmo is publicly traded.

Conclusion

Venmo allows you to buy and sell cryptocurrency with ease. Venmo itself is not cryptocurrency, but is a money transfer app that has recently debuted a new cryptocurrency platform. 

You can buy, sell, and hold four different kinds of cryptocurrency on the Venmo app. Also, Venmo provides explanatory videos and articles in the app to help you get started with crypto.